Offshore Wind Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | General Electric Company, Siemens Gamesa Renewable Energy S. A., MHI Vestas Offshore Wind A/S

"The offshore wind market size has grown rapidly in recent years. It will grow from $42.43 billion in 2023 to $49.79 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to government support, cost reductions, climate change awareness.

The offshore wind market size is expected to see rapid growth in the next few years. It will grow to $89.94 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to scale and capacity expansion, energy transition policies, international collaboration. Major trends in the forecast period include technological innovation, floating wind farms, hybrid projects, digitalization and automation, grid connectivity.

Market Overview -
Offshore wind refers to a clean and renewable energy source generated by utilizing the wind's force on the open seas, where it reaches a higher and more consistent speed than on land due to the lack of boundaries and is used for the generation of electricity from wind farms in water bodies, usually at sea.

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Elevated Global Investments In Renewable Energy Fuel Offshore Wind Market Growth
Increasing global investments in renewable energy are expected to propel the growth of the offshore wind market going forward. Renewable energy is energy generated from naturally replenished sources such as the sun and wind. The government is investing in renewable energy to strengthen its position in the offshore wind generation sector. For instance, in June 2021, according to International Energy Source, a Paris-based autonomous intergovernmental organization, Renewable energy has been estimated to attract 70% of global energy investment 2021, Global energy investment is expected to rebound this year and increase 10 % year-on-year to around $1.9 trillion. Therefore, increasing global investments in renewable energy are expected to propel the demand for offshore wind solutions during the forecast period.

Competitive Landscape -
Major companies operating in the offshore wind market report are General Electric Company, Siemens Gamesa Renewable Energy S. A., MHI Vestas Offshore Wind A/S, Xinjiang Goldwind Science & Technology Co. Ltd., Shanghai Electric Wind Power Group Co. Ltd., Vestas Wind Systems A/S, Nordex SE, Enercon GmbH, Envision Energy Corporation, Suzlon Energy Limited, China Shipbuilding Industry Corporation, Ming Yang Smart Energy Group Co. Ltd., Senvion S. A., LM Wind Power, Adwen Offshore S. L., Sinovel Wind Group Co. Ltd., XEMC Windpower Co. Ltd., Doosan Heavy Industries & Construction Co. Ltd., Clipper Windpower Inc., Dongfang Electric Corporation, United Power Technology Company Limited, Hitachi Ltd., Toshiba Corporation, ABB Ltd., Nexans S. A., Prysmian Group S. p. A., General Cable Corporation, JDR Cable Systems Ltd., LS Cable & System Ltd., NKT A/S, Subsea 7 S. A., TechnipFMC plc, Van Oord Dredging and Marine Contractors BV

Innovative Products Transforming The Offshore Wind Market
Product innovation is a key trend gaining popularity in the offshore wind market. Major companies operating in the offshore sector are focused on developing new product innovations to strengthen their position. For instance, in September 2021, Siemens Gamesa Renewable Energy, a Spain-based company specializing in the renewable energy industry launched RecyclableBlade, the world's first turbine blade which is recyclable. This blade is commercially used offshore and has RecyclableBlade technology for separations of the materials in the blade at the end of its lifetime. These wind turbine blades are made from a combination of materials cast together with resin in order to efficiently separate the resin from the other components at end of the blade's working life.

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Key Segments -
The offshore wind market covered in this report is segmented -
1) By Component: Turbines, Electrical Infrastructure, Substructure, Other Components
2) By Location: Shallow Water, Transitional Water, Deep Water
3) By Capacity: Upto 3MW, 3MW to 5MW, Above 5MW
4) By Application: Electric Power, Oil and Gas, Aviation, Transport, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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